Bent oil posted its biggest monthly loss in six years as traders hoped the US and Iran were close to a deal to reopen the Strait of Hormuz.
The international oil index fell more than 19% in May, the worst month since March 2020, when the coronavirus pandemic shut down the economy. US West Texas Intermediate crude oil prices fell nearly 17% in May, the worst performance since April 2025.
Prices fell on Friday after President Trump said he would meet in the White House Situation Room to make a final decision on the deal with Iran. west texas intermediate It fell 1.73% to close at $87.36 per barrel. brent It fell 1.77% to settle at $92.05 per barrel.
But President Trump made a series of demands that Iran has rejected in the past.
The US president said the Iranian government must agree to never acquire nuclear weapons and immediately open the Strait of Hormuz to free passage in both directions without tolls. He said the Islamic Republic must also agree to clear any remaining sea mines in the strait.
Trump also said Iran must agree to allow the United States to dig up and destroy enriched uranium buried under the rubble of last year’s attacks by the United States and Israel.
U.S. officials told CNBC on Thursday that negotiators have signed a 60-day memorandum of understanding (MOU) to extend the ceasefire and begin talks on Iran’s nuclear program. Trump still needs to sign the memorandum, officials said. Axios was the first to report the news of the MOU.
